Most Asian equities fell on Tuesday, headed by Hong Kong, as China's week-long annual parliament session disappointed investors with its absence of big-ticket stimulus plans to boost the economy.
Equity markets in the area were already down after Wall Street fell from record highs on Monday on signs the U.S. Federal Reserve is not ready to lower rates. U.S. and European stock futures fell.
Bitcoin reached a two-year high of $68,828, close to an all-time high. Gold closed at a record $2,114.99 on Monday and stayed there.
It also proposed issuing 1 trillion yuan ($139 billion) in ultra-long-term treasury bonds, not in the budget.
Mainland stocks reversed early losses with the blue-chip CSI 300 (.CSI300) up 0.45% by 0600 GMT amid alleged state-backed ETF purchasing.
Hong Kong's Hang Seng (.HSI) opened a new tab, worsening prior falls to 2.67%. MSCI's broadest Asia-Pacific share index outside Japan (.MIAPJ0000PUS) fell 1%.
China's NPC's early pronouncements suggest "large fiscal stimulus is off the table for now," said Convera senior corporate FX broker James Kniveton.
"Stability is still the overriding factor in Chinese policy making, and the announcements so far seem to conform to that philosophy." Japan's Nikkei (.N225), opens new tab reversed afternoon losses but closed marginally down to miss a record high.
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